Innovation and Commercialization: Perspectives and Challenges

The provided assignment is a collection of academic papers and research articles related to innovation and commercialization. The topics covered include systems of innovation perspectives and challenges, open innovation, commercialization, changes in capital structure, and the financing of innovation. The papers are from various journals and conferences, including the African Journal of Science, Technology, Innovation, and Development, and the European Journal of Innovation Management. The assignment aims to provide a comprehensive understanding of innovation and commercialization perspectives and challenges.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its importance to organisation in relation with invention.........................1
P2 Organisational vision. Leadership, culture and team work required for shaping innovation
and commercialisation............................................................................................................3
TASK 2............................................................................................................................................4
P3 4P's of innovation and its use for innovation funnel.........................................................4
P4 Development in frugal innovation.....................................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development.............6
P6 Innovative business case for an organisation with options for funding ..........................7
TASK 4............................................................................................................................................9
P7 Different tools which used to develop, retain and protect intellectual property rights.....9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation simply defines as a new idea that company implement for making their
product innovative and unique form others, so as to pull attention of maximum number of people
(Kutvonen, 2011). The main purpose of this is to manufacture a fresh products so that they can
increase the sales and profitability of the organisation. Company that will be taken in this
assignment is Wiser which is a recruitment organisation and the firm was established in the year
2014. The report will focus on importance of innovation in a company so as to compare with
invention. Organisational vision, leadership, culture and teamwork for shaping innovation and
commercialisation. Along with this, 4Ps of innovation are explained by using innovation funnel
so as to shape innovative ideas. Development in frugal innovation with the help of example is
mentioned in this assignment. Lastly, different tools for developing and retaining the intellectual
property is included.
TASK 1
P1 Innovation and its importance to organisation in relation with invention
Innovation is an activity that is done in order to increase company's market share and
value, these are done so as to improve the brand image of the firm. Innovation can be done to
any new products or in the existing commodities so as to grab attention of maximum number of
people. Thus, for this, it is essential that company have employees who have creative minds
through which they can think differently. Eligible candidates will help the organisation in
making new and interesting products that can be launched in the market.
Wiser is a recruitment company and they are using innovative ideas for making new
policies and strategies so that they can deal with their clients in an effective manner. This will
help them in attracting more and more people towards them. Therefore, it is assisting the
organisation in generating large amount of funds (Leonard and Rayport, 2011).
Invention is considered as an activity that happens all of a sudden and something new is
created that has not not been done yet by any other. It is a kind of process that is related to
scientific or technical background and is considered as more attractive because the product is
new to market area. This kind of approach is adopted by those company who are going through
any loss, so they apply this for gaining maximum benefits.
Difference between innovation and invention is mentioned below:
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Innovation Invention
Meaning Innovation is a process through
which the ideas is converted into
a final products.
This is a thought that comes for the
first time and for converting it into
reality, a long research is conducted
so that it can be implemented in a
better manner.
Ability Needed For this, the person must possess
some management skills that will
help them for research and
development of the product.
For inventing new products it
requires scientific skills that is
important for conducting the
research.
Effect on company With the help of innovation they
make certain changes in the
commodity and it help them in
sustaining a better position.
This can help the company in
improving their brand image in front
of its customers.
Activities In order to get effective results the
entire task is divided into whole
company.
Here, the entire activity is done by
the skilled and experienced person
so that a perfect product can be
made without any fault.
Importance of Innovation for the workers, in context with Wiser:
 In terms of workers, this develops their skills and existing knowledge so that it can be
implemented for future proceedings (Sawyer, 2011).
 Innovation, gives rise to the creativity in people's mind so that they can use them in
manufacturing goods and products. It assist employees in increasing their knowledge.
Importance of Innovation in Business organisation:
 If the innovation is done in a better manner than it can provide maximum benefits to the
company.
 This will assist them in enhancing their brand image in front of its consumers.
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 Products that are manufactured are according to the needs and demands of the customers
and this is enabling them in gaining maximum benefits (Stokes, 2011).
Therefore, in terms of Wiser, it is helping them in operating their activities in a better
manner. Thus, this kind of changes will provide job opportunities to maximum number of people
living in United Kingdoms. Hence, all the activities will grow and improve the career of
employees who are working in an organisation.
P2 Organisational vision. Leadership, culture and team work required for shaping innovation and
commercialisation
Company implement innovative ideas in order to sustain in the market for a longer period
of time. Thus, most of the company apply innovative techniques for attaining its set goals and
targets. Although innovation provides benefits but it is not necessary that it will bring success,
therefore, to cope up with this management of the company must make plans so that they can
eliminate all the risk which can hamper the business operations (Tebbe, 2011).
In terms of Wiser, as it provides recruitment services to maximum number of people so to
attract a number of clients they are using different marketing approaches like giving
advertisements in newspaper, magazines,.television and many more. Henceforth, by using latest
tools and technologies they are developing an application which can be used by people who
wants to apply for the job. Thus, for achieving at its desired goals Wiser has to set their vision,
mission so that objectives can be achieved.
Vision: Basically, vision is made for a long purpose and it is developed on the basis of
policies and objectives company wants to achieve. Thus, while creating a vision company must
consider all the aspect through which they can attain maximum benefits. Vision of Wiser is to
provide better services and facilities to its clients. For this, they are incorporating latest tools and
technologies.
Mission: Mission is developed for a short period of time so that it can be achieved in
specific time period. Thus, mission of Wiser is to get into a superior position. For this, they are
optimising innovative strategies like they are developing new application that will help them in
increasing their sales and profitability (Teece, 2010) (Kline and Rosenberg, 2010).
Culture: People from different culture works in an organisation and for manager it is
important that they maintain a healthy environment where workers can perform their task. Thus,
Wiser has incorporated all the legal norms which is helping them in operating their business in
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an effective manner. As they are creating healthy environment because of which their company
is getting into superior position gradually. People of different mind set is helping the
organisation in developing a better and effective innovative ideas.
Leadership: An individual with influencing leadership quality always provides better
results to the organisation. They lead their team in such a manner that all the task are
accomplished right on time. In terms of Wiser, leadership is helping them in implementing new
strategies that are effective and efficient as well.
Teamwork: For having an effective growth it is important that a perfect team is
developed as it will enable them in achieving the goals and objective in specific time period.
Therefore, leaders look out for appropriate paths through which it can accomplished (Jagoda and
et. al., 2011).
TASK 2
P3 4P's of innovation and its use for innovation funnel
4Ps is considered as an essential marketing tool so as to implement certain kinds of
changes by using latest tools and techniques. This includes innovative ideas and thoughts from
which they can introduce a new products in order to get effective results. 4Ps of innovation is
used for increasing the sales and profitability of the company. Therefore, it includes certain steps
that are given below:
Product innovation: In this, company basically focus on developing a innovative product
which can be introduced by the company in the market area. Therefore, innovation is done for
making some changes in their existing products. In context with Wiser, as it a recruiting
company they have make changes like providing proper guidance to its clients about their career.
Along with this, they are using digital platform for promoting their products. Therefore, by
making innovation in their products these are gaining maximum benefits and as a result company
is gradually moving towards a better position (Huizingh, 2011).
Process innovation: From converting raw material to final goods a product has to go
through many steps. Thus, process innovation includes a systematic procedure a manufacturing a
products. If the product is made in a better way than it will help the organisation in providing
better services and facilities to its clients. Therefore, it helping them in attaining a better position
in the market as their services are reliable and liked by their clients.
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Paradigm innovation: It is not necessary that whatever plan they are implementing will
give them maximum benefits. So, it is important that management team go through the needs and
demands of the customers as it will enable them in knowing the nature of its clients. In context
with Wiser, for innovating things they are provided with maximum number of ideas but it
depends upon the firm what kind of though they want to follow. Therefore, by implementing the
selected idea company can improve their brand image of its clients (Hoque, Chishty and
Halloway, 2011).
Position innovation: Under this, company tries to improve their position of the product
by making changes in their commodities. It is done so as to increase the sales and productivity of
the product. For promoting their products they are using various tools and technologies and these
are helping them in attracting more and more people.
Innovation funnel: This is a process that is used by most if the company in order to
select the suitable idea that will provide them maximum benefits. There are many ideas that are
formulated but through innovation funnel it helps them in choosing an appropriate ideas for
gaining profit. Further the concept is divided into three steps, in the first step, company gains
maximum information regarding the topic so as to get adequate knowledge. Furthermore, in the
second step the channels get narrow and all the concepts are screened and analysed this helps
them in evaluating the most attractive opportunities. Therefore, in the last step the idea and
thought are implemented into reality (Herath, Cranfield and Henson, 2010).
P4 Development in frugal innovation
Frugal innovation is said to be a process that helps the organisation in manufacturing
goods with less resources. Although they utilises limited resources but they tries to produce
products that are excellent in terms of quality. While manufacturing the commodities they
doesn't face any complexity. Frugal innovation assist the company in developing goods in
limited cost price therefore, it is very helpful in giving effective results. Therefore, it is
determined as environment friendly tool as it assist the organisation in producing goods with
limited resources. As compared to other tools frugal innovation helps the company in
manufacturing the products in a faster mode. Although it provides better results but most of the
companies avoid this as it is risky in nature.
Through frugal innovation companies have developed various products and it has made
life of humans easier (Goldberg, 2013). In terms of Wiser, they have implemented frugal
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innovation for developing an application in which all the details regarding a particular job will be
there. So, that eligible candidates can discuss and apply for the same. Therefore, principles of
frugal innovation is given below so as to understand it in a better manner:
Engage and literate: Here, a calculative guess is made so as to know the needs and
demands of the customers and it is done by observing them closely and checking that same
product can be made available.
For example: Wiser company is keeping a close eye on the operations they are
performing which is enabling them in identifying the goods which they are manufacturing are up
to the mark or not.
Flex your assets: Wiser, is improving their services by implementing tools and
technologies. This will help them in sustaining a better position for a longer period of time.
For example: Like other companies, Wiser has also incorporated all the latest tools and
technologies which is assisting them in manufacturing goods right on time as a result it is
enabling them in delivering goods right on time.
Create sustainable solutions: Company should always make plan B if their plan A is not
a success. Therefore, Wiser has developed a department that is looking for all the factors that is
important to be looked for (Gassmann, Enkel and Chesbrough, 2010).
For example: In context with Wiser, if company wants to tell or dictate about any
strategies or plan of action than frugal innovation is the best source for this as this at a single
time can communicate with others.
TASK 3
P5 Importance of commercial funnel and application of new product development
Commercial funnel is said to be one of an important tool that helps an organisation in
sustaining growth and profit by implementing innovative ideas in their business operations.
Company make changes in their existing products so that it can add some value in the
commodities. This help the company in selling their old products with some innovations so as to
sustain a better position in the market area. Therefore, managers of the company choose
appropriate tools and distributing channels so that firm can reach to maximum number of people.
In context with Wiser, they are using various tools for promoting their activities this will enable
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them in gaining maximum profits and sales as well. Henceforth, it will help them in attracting
more and more customers towards their organisation.
Thus, Wiser, is optimising this concept for increasing their services and facilities in
different areas as well (Eesley, Hsu and Roberts, 2014). New Product Development contains
certain steps that are to followed for developing a new commodity and these are as follows:
Idea Generation: This is the first step in which the idea is formulated in the mind of an
individual who express his/her thought in front of the seniors. Therefore, this is a very first step
which help them in developing a proper strategy.
Idea Screening: Under this, the thought is disclosed or presented in front of the
management further, it is their choice to adopt this concept or not. Therefore, the best possible
idea is selected which will provide better results and give them suitable outcomes.
Concept development and Testing: Under this, the effective ideas that is selected are
used for making a detailed strategy or a blueprint is developed. Company tries to evaluate
whether the ideas will be effective or not. Here, products are first tested with some of the
selected targeted customers in order to know the product will sustain in the market or not.
Market strategy and development: To commercialise a product properly it is important
that management make proper strategies that can be followed by them so as to make an effective
commodity. Therefore, before making any decision regarding the commodity effective policies
are made (Edquist, 2010) (Edquist, 2010).
Business analysis: Under this step, company finally finalise the concept that are to be
applied. After evaluating the scenario, business strategies are formulated. Along with this,
estimated profitability of the product is estimated and for this, company optimises marketing mix
and branding strategies.
Test Marketing: In this step, feedbacks and reviews of the customers are taken in order to
know the nature of customers towards the products. This will help them in incorporating any
changes if required.
Commercialisation: This is the last step, in which company used all the latest tools and
technologies for promoting their activities. For this, firm kindly brief different departments for
the task they have to perform. Along with this, minor and major decisions are taken for making
the product more effective.
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P6 Innovative business case for an organisation with options for funding
In order to run a business in an effective manner it is essential that an appropriate
business case is developed by using effective tools and technologies. This will help them in
knowing the expected sales and profits of the company in specific time frame. For developing a
business case there are certain steps that are to be followed by Wiser are mentioned below so as
to gain profits and sales:
Executive summary: Wiser is well known for its recruitment services, the organisation
was launched in the year 2014 in United Kingdom. They are assisting youngster in making their
big dreams come true (Dahlander and Gann, 2010). Along with this, they giving facilities like
talent acquisition, employer branding, building of websites and many more. Apart form this, they
have collaborated with many firms like Worldplay, Expedia etc.,
Objectives: Main objective of Wiser is to give better services and facilities to its clients
so that consumers can make their future bright. They assist customers in enhancing their existing
skills and knowledge so that they can implement these in their future proceedings.
Solution: Through effective process Wiser is resolving all the issues and problems of its
clients. Therefore, it is enabling them in giving better services and facilities to its customers.
Hence, through this company will gain a superior position in the market area.
Research of customers: If a company wants to sustain a better position in the market area
then it is necessary that company know about the choices and preferences of customers. With the
help of this, Wiser is giving better services to its end customers.
Development and design of plans: Planning is very important if the company wants to
launch their products in a better manner. This will increase their number of buyers in the market
area (Dahlander and Gann, 2010).
Necessity of capital: Innovation is not an easy task as it requires a large amount of funds
so that an idea is implemented in an effective way.
Expectable benefit: This will assist the organisation in knowing the how much benefits
company will gain after implementing the strategy or plan.
Ways for funding
Bootstrapping: It is a stage in which company uses own financial resources in order to
save money and utilisation of personal credit cards.
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Friends and Family: If a person is not having any kind of savings that friends and family
is the biggest source from where they can get all kind of funds. An individual can invite friends
and family so that they can invest some kind of funds in their business operations.
Crowdfunding: People who are indulge in this are serious about funding in other's
business. An individual go to various sources, big amenities in order to impress them with
business proposal so that the person can influences them in a better manner.
Professional Social networking Sites: Most of the companies can use social networking
sites for interacting with investors across the world. LinkedIn is the major source of this, where
individual shares their professional details. Therefore, these are help them in connecting with
people who want to connect with investors across the globe.
Private Equity Firms: It is considered as a traditional path in which investors give funds
to people who want money for operating their business operations. These firms provides equal
chance to everything through which a company can get adequate amount of funds for their
business.
TASK 4
P7 Different tools which used to develop, retain and protect intellectual property rights
Intellectual rights are considered as those rights which that helps the organisation in
protecting their innovative work form being copied. Through this, people can protect their things
like art, name of the company, any innovative ideas and many more. Therefore, it can be said
that this law assist the person what he/she has discovered or created. Some of the laws that will
help Wiser company are given below in order to understand it in a better manner:
Trademarks: It is used in the form of symbols so that company can make their product
unique form others. For example: symbol that is used by Apple company has become its
trademark and people can easily recognise their brand amongst others (Cunningham and Porter,
2011). It can be done of minimum 6 months and maximum for 10 years and this can be renewed
after the duration period.
Advantages: Trademark prevents others from taking advantage of the products which
they are company is manufacturing. Along with this, it helps an individual in selling of the
commodities under their own name.
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Disadvantages: Registering your name in trade mark doesn't give advantages and relate
to internet domain.
Copyrights: Company make use of this, so as to protect the original work done by them.
Thus, it is applied in certain activities like painting, writing, dancing etc.,
Advantages: It is quick in time and doesn't require any official registration. Thus, no cost
is needed for marking something that is copyright.
Disadvantages: Sometimes it doesn't require any protection of ideas through the way by
which thought is expressed.
Patents: It is a kind of right that is given to a company so that no other organisation can
implement their ideas in their commodities. If any firm does that than they have to take
permission form the respective company or owner.
Advantages: If company wants to stop other companies from copying their, patent is
better choice for the same.
Disadvantages: It is time consuming and cost as well, and if the commodity is patent
than it cannot be patent once again.
Trade Secrets: In this company keep all the data with themselves and doesn't disclose it
to anybody or rival companies. This includes formula and other business details (Cui and Wu,
2016).
Advantages: It helps company in keeping some information secrecy so that no one can
misuse that.
Disadvantages: In this investors are rewarded with no guarantee.
CONCLUSION
From the above report it has been concluded that innovation helps the company in
manufacturing their goods in a better manner. Along wit this, it assist the organisation
incorporating tools through which they can get maximum benefits. Company has used 4Ps of
innovation for implementing new and innovative products so as to attract more and more
customers towards their organisation. Therefore, innovation helps the company in attaining a
better position at market area.
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REFERENCES
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impact of customer involvement on new product performance. Journal of the academy
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Online
Difference between Invention and Innovation. 2016. [Online]. Available through:
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